Texas Government Code 855.201 – Executive Director
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(a) The board of trustees shall appoint an executive director.
(b) The executive director shall:
(1) manage and administer the retirement system under the supervision and direction of the board; and
(2) invest the assets of the system.
Terms Used In Texas Government Code 855.201
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(c) The board of trustees may delegate to the executive director powers and duties in addition to those stated by Subsection (b).
(d) The executive director annually shall:
(1) prepare an itemized budget showing the amount required to pay the retirement system’s expenses for the following fiscal year; and
(2) submit the report to the board for review, amendment, and adoption.